19 June 2010
i received Rs. 137000 from Goldman Sachs as relocation allowance for shifting to Bangalore from Pune... i was working in john deere in pune... in my case will the whole amount of relocation allowance get taxed or an i claim benefit to the extent expenditure incurred.. please advice asap....thank you
19 June 2010
Under Income tax two types of allowances can be segregated
1. Allowances not depend on the expenses which the exemption fixed by the Income tax itself like Transport allowance,Child education allowance those are amount fixed by the Govt
Some of the allowances are based on the expenses incurred please refer u/s.10(14)
14 September 2010
thank you very much.. it proved beneficial... take care...
P.S : can you guide me on service tax related issues...i have a real estate business and develop houses of the range lower than 20 lakh... is service tax liable on me... am i suppose to pay VAT also....
CAclubindia
